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Daily Market Report Archive

Grain & Soybean Date: March 05, 2012

Soybeans

Local Elevators:
(March) EAST AR:  1304 to 1332
(NC) Summ. 1259 to 1292
River Elevators:
(March) MISS: 1345 to 1347 ; AR & White 1313 to 1335
(NC) Summ. 1278 to 1300
Ark. Processor Bids: (March) 1323 to 1330  (NC) 1286 to 1289
Memphis:  (March) 1347 to 1352 (NC)  1300 to - - -
Riceland Foods:  (March) Stuttgart 1330 ; Pendleton 1332 
 (NC) Stuttgart 1289 ; Pendleton 1292 

Chicago Futures: March down 9 at  1319 1/4
  May  down  at  1325
  July down at  1332 1/4
  Aug down 8 1/2  at  1322
  Nov down at  1289
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower for the first time in two weeks, after exceeding 62% retracement objectives. November closed off a dime from the high just under $13. The market remains technically overbought and due a downward correction. However, that will depend on how funds view the market, at this point they continue to add positions, as Chinese demand appears to be solid. Tight soy meal stocks suggest China will remain in the market. Producers should consider this a pricing opportunity with hopes of adding to sales if the market continues higher over the next several weeks.

Wheat
Cash bid for March at Memphis  682 to 686;

Bids to farmers at Local Elevators 653-673;
River Elevators 658-693;

Chicago Futures: March down  at  667 3/4 
  May down 2 1/2  at  672 
  July down  3 1/2  at  682 3/4 
  Sept down  3 3/4  at  697 1/2 
  Dec down  4 1/4  at  712 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1180 to - - -;

Bids to farmers at River Elevators 1118-1145;
Today's Arkansas LDP rate for sorghum is:

Corn

Cash bid for March at Memphis   683 3/4 to 685 3/4;
  New Crop at Memphis   596 1/4 to 601 1/4;
Bids to farmers at River Elevators  666 to 681

Chicago Futures: March up  7 1/4  at  666 1/4 
  May up  5 3/4  at  660 3/4 
  July up  at  662 1/4 
  Sept up  1 3/4  at  606 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were lower today. FAPRI forecasts show both production and carryout a bit larger than USDA’s current estimates, and that created a bearish undertone today. Export demand from the Middle East and dry conditions in the U.S. Southern Plains were supportive. July will have a tough time with resistance at $7 on a rebound.

Corn closed higher with old crop leading the charge. December broke trendline resistance which is a positive. However, current planting projections and crop outlooks would limit upside. Weather impact on planting will be a key to how much the market rises. The next resistance for old crop contracts is about 30 cents higher, or near $7.



Cotton & Rice  Date: March 05, 2012


Cotton

Spot Price, Grade 41 Staple 34: Memphis up 400 at  8623
  Greenwood up  400 at 8623

New York Futures: March up  525  at  9271 
  May up  400  at  9223 
 July up  400  at  9359 
 Oct up  386  at  9448 
 Dec up  326  at  9318 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton made major gains after reports surfaced indicating India will ban cotton exports to China. That suggests the U.S. would benefit with larger potential for sales to China. This gave the market across the board gains. New crop December was not up the limit, but gave a good showing- bouncing off support around 90 cents and breaking a short term down trend. Resistance is still seen around 97 cents.

Rice

Long Grain Cash Bid for  March 1254/cwt  to  - - -
  NC 1335/cwt  to  - - -

Chicago Futures: March down  16  at  1410 1/2 
 May down  16  at  1434 1/2 
 July down  15 1/2  at  1461 1/2 
 Sept down  14 1/2  at  1485 1/2 
 Nov down  11  at  1513 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures could not sustain Friday’s big move and ended the day lower. Trade has been locked in a narrow range within the broader range between $13.50 and $14.90. Poor export movement remains a key feature. Mill activity remains limited despite a price decline of over $150 per ton since last fall. Other origins are still priced as much as $100 per metric tonne below the U.S. The inability to sell to Iraq is a particularly sore spot, especially following the new specifications they implemented.



Cattle & Hogs  Date: March 05, 2012

Cattle
As reported by Federal-State Market News, receipts were 890 head at sales in Springdale and Ola.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 210.50 to - - -
  500 to 550 lbs. 183.50 to - - -
  600 to 650 lbs. 171.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 189 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 157 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 158 to - - -

Slaughter Cows, Boners 78   to   85
Light Weight 63 to 67
Bulls, Yield Grade   1   1000   to   2100 lbs.   86   to   96
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 500 lbs. 198 to 219
  500 to 600 lbs. 190 to 212
Heifers 500 to 550 lbs. 167 to 185
  550 to 600 lbs. 164.25 to 175.50

Chicago Futures:
Live Cattle: April down 155 at 12840
  June down 137 at 12590
Feeders: April down 237 at 15895
  Aug down 187 at 16215

Cattle Comment
Cattle futures were lower across the board. The dollar charted a bullish reversal last week, and that has traders worried about exports. Severe weakness in gold was also a factor.

Hogs
Peoria: were     steady   at   57   to   59

Chicago Futures: April down 100 at 8942
  June down 100 at 9850

Hogs Comment
Hog futures posted losses as well as gold broke through several levels of support today. April has uptrending support near $88.



Poultry  Date: March 05, 2012

Eggs

New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 77-81;
Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 69-77;

National Turkeys
Hens: 8-16 lbs. 101.52
Toms: 16-24 lbs. 101.44
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are firm to mostly higher. Offerings of all sizes are light for current trade needs. Demand into all channels is moderate to good following the weekend. Market activity is active. In production areas, live supplies are moderate at mostly desirable weights